Real estate abroad, residence permit and second citizenship.
On February 23, 2013, the law on foreigners was amended, which allows property owners in Bulgaria to obtain a three-year residence permit. The minimum value of the object must be at least 300,000 euros. The disadvantage of this type of residence permit is that it does not give the right to subsequently apply for permanent residence or the citizenship of Bulgaria. This is an eternal residence permit, that is, a temporary status that can be renewed for life every three years, with the obligatory condition that the property is not sold.
Since 2009, the Cyprus authorities have introduced a law according to which investors who bought real estate worth more than 300,000 euros can obtain a permanent residence permit. The list of documents required to obtain such a permanent residence is small and quite feasible. In addition to buying a property, the applicant must show documented income of at least 30,000 euros per year. Unfortunately, given the fact that Cyprus is not a member of the Schengen agreement, permanent residence in Cyprus does not give the right to visa-free visits to Schengen. However, after 7 years of residence in the country you can apply for citizenship. The passport of Cyprus as an EU passport gives the right to live and work in any country of the European Union.
Large investors who are ready to invest in the real estate on the island the amount of 2 million euros, can get the passport of Cyprus in an accelerated manner (applications are considered 2-3 months). Together with the investor, wives and children under 28 years of age can claim citizenship (even if the child is under 28 years of age). Neither reside in Cyprus, nor take the language test is not required. It is enough to have money of understandable origin and the absence of criminal problems. After 3 years, real estate can be sold, but the law requires that the investor always has a property in Cyprus worth at least 500,000 euros. Therefore, most investors buy a few objects, so that some of them could be sold later, leaving only private housing for a statutory amount. Needless to say, the passport of Cyprus, as the passport of the European Union, gives not only the right to travel on the Schengen without a visa, but also the right to live and work in any EU country, including Great Britain and Ireland. Although the program for registering the citizenship of Cyprus is quite expensive, but it has its client. Published in 2015, statistics showed that the program has already benefited about 700 people. Our company, together with Cypriot lawyers, is ready to provide a full range of services for obtaining citizenship. The cost of the service is optional.
The possibility of obtaining a residence permit for the purchase of real estate from the amount of 250,000 euros exists in Greece from 2013, but until the summer of 2015 such an immigration scheme was not very popular among Russian investors, because it was “eternal residence permit”, which by law does not turned into permanent residence or citizenship. July 9, 2015 in Greece, were published amendments to immigration laws, which changed the situation. Now, holders of residency permit obtained through the purchase of real estate can in 5 years apply for a permanent residence permit, and after 2 years – the citizenship of Greece. From the holders of residence permit does not require residence in the country of any minimum number of days in a year, and for filing for permanent residence does not need knowledge of the Greek language. However, to apply for Greek citizenship in order of naturalization, it will be necessary to confirm the knowledge of the Greek language.
Since 2010, the authorities of Latvia have introduced a law according to which investors who bought real estate worth more than 142,000 euros can get a residence permit. The application can be submitted both in the Latvian consulate in Moscow, and directly in Latvia. Holders of the Latvian residence permit will be able to work in the country and have a certain social package. And taking into account that Latvia is not only an EU country but a member of the Schengen agreement, the residence permit in Latvia gives the right to move around all the Schengen countries without the need to obtain a visa. In May 2014, amendments were approved, according to which, from September 1, 2014, the conditions for granting residence permits become tougher. To obtain a residence permit you will need to buy real estate worth 250,000 euros and donate 5% of the purchase amount (12,500 euros) to the state.
In the Hungarian legislation there is no provision that would directly stipulate the possibility of obtaining residence permits based on the purchase of real estate. Accordingly, the minimum amount of required investments is not stipulated (although some experts say that the passage amount for obtaining a residence permit in Hungary starts from 50,000 euros). When applying for an immigration visa D in the Hungarian application form, the grounds are indicated “for other reasons”. Under this vague wording, property owners ask for a residence permit that is initially issued for a period of 1 year, then extended for 2 years, after which, after three years from the date of the first card, you can apply for permanent residence in Hungary. After another 5 years (the residence qualification of 8 years), if you are proficient in Hungarian, you can apply for citizenship.
At the end of 2013, the Senate and the Congress of Deputies of Spain approved a law on the support of entrepreneurs. A residence permit in Spain is issued when buying real estate and other assets, for example, land valued at 500,000 euros. At the same time one or several objects are allowed to be purchased, and the purchased property can be used both for personal living and for commercial purposes: leasing to third parties.
In February 2013, amendments to investment options for immigration to Portugal came into force. These amendments establish rather interesting conditions for obtaining residence permit in Portugal when buying real estate for the amount of EUR 500,000. In principle, this scheme existed before, but because of the link to the need for physical residence in Portugal, it was not popular with Russian investors. Now the situation should change. The requirements for accommodation are reduced to an absolute minimum. The investor is expected to live 7 days in the first year, 14 days in the next two years and another 14 days in the last two years from the five-year plan with residence permit. After 5 years of residence permit you can apply for permanent residence, another year later – for citizenship. Thus, wealthy foreigners had the opportunity without real resettlement in the European Union to make a risk-free investment in Portuguese real estate and eventually apply for entry into Portuguese citizenship. The passport of Portugal as an EU passport will enable its holder to live and work in any EU country without any restrictions. The immigration market should appreciate this offer. More information about this scheme can be read here. You should also know that on June 30, 2015 the program was reformed and made more competitive. For so-called “low density areas”, the investment level is reduced to EUR 400,000, and if to invest in renovation, then to EUR 280,000 – 350,000 depending on the location of the facility.
When investing in real estate in Aruba from 200,000 USD, foreign investors can apply for a one-year residence permit, which must be renewed for 5 years on an annual basis. Five years later, the applicant can claim the citizenship of the Netherlands, which, as you know, are a full member of the European Union. Aruba, also called the Dutch Caribbean, may be of interest to those investors who are interested in obtaining citizenship and EU passports without living in the country and with minimal investment. As you know, fast passport programs in the European Union (Cyprus, Malta, Bulgaria) require large investments of 1 to 2.5 million euros, which for many is a deterrent. At the same time, in Aruba, relatively small amounts can be used to obtain a residence permit. Moreover, residence permit in Aruba can be obtained even in the case of long-term lease of real estate. As in many other similar programs, the Aruba residency card is not a right to work, this type of residence permit is intended for wealthy foreigners. The cost of services for this program, please specify.
Real estate abroad, residence permit and second citizenship.